These 3 Factors Are The Reasons Why The Crypto Market Has Been In Trouble Since This! - Kakiforex | Forex markets for the smart money. These 3 Factors Are The Reasons Why The Crypto Market Has Been In Trouble Since This! These 3 Factors Are The Reasons Why The Crypto Market Has Been In Trouble Since This!

May 21, 2021

These 3 Factors Are The Reasons Why The Crypto Market Has Been In Trouble Since This!

 Bitcoin prices plunged nearly $ 30,000 a unit continuing big sales starting a week ago.


The cryptocurrency fell more than 30% today to $ 30,015.02, based on Coin Metrics.Bitcoin (BTC) has not previously traded below $ 30,000 since late January.


Wednesday’s decline caused bitcoin losses over the last week to fall more than 40%. This means the fall of Bitcoin since last week has wiped out all profits driven by Tesla’s announcement of a $ 1.5 billion purchase of Bitcoin. It is also down more than 50% since hitting a high of $ 64,829 in mid -April.



Other cryptocurrencies were also impressed with this like Ethereum, down more than 30% to $ 2,235. Dogecoin of concern has dropped from 30% to about 32 cents a dollar.


Among the factors that led to the collapse of BTC and other cryptocurrencies was the announcement by Tesla CEO Elon Musk that he was no longer interested in Bitcoin because it polluted the environment. Then a follow -up statement that smelled of threats that Tesla might sell its holdings of Bitcoin


The third factor was a statement interpreted that three Chinese banking and payments industry bodies issued statements warning financial institutions not to conduct cryptocurrency -related business, including trading or exchanging fiat currencies with cryptocurrencies.


According to analysts, market players are still observing and digesting the latest reports. He added that the crypto market looks gloomy at the moment but it is another resistance for Bitcoin to soar higher.